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El tamaño de las empresas y la transmisión de la política monetaria en Colombia: una aplicación con la encuesta mensual de expectativas económicas

  • Héctor M. Zárate Solano

    ()

  • Norberto Rodríguez Niño

    ()

  • Margarita Marín Jaramillo

    ()

En este documento se utiliza la información proveniente de las encuestas de expectativas económicas a los empresarios para comprobar si el efecto de la política monetaria difiere entre empresas grandes y pequeñas. La metodología econométrica se basa en los modelos de vectores autorregresivos bayesianos con cambio de régimen, MS-BVAR. Según las funciones de impulso respuesta obtenidas, ante un choque en la tasa de interés, el clima de los negocios tanto de las empresas grandes como de las pequeñas responde positivamente en el régimen de expansión del ciclo, mientras que en el régimen de contracción, las respuestas del indicador del clima de los negocios son negativas y más pronunciadas. Adicionalmente, la evidencia empírica sugiere que las empresas grandes son más sensibles a los choques de tasas de interés. Lo anterior, probablemente sea consecuencia del bajo grado de profundización financiera.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 721.

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Length: 24
Date of creation: Jul 2012
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Handle: RePEc:bdr:borrec:721
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